Lawmaker Targets 'Lavish' CEO Pay At For-Profit Colleges
Executive pay at for-profit colleges is being investigated by the ranking member of a congressional oversight committee, who said "lavish" compensation at the schools bears little relationship to academic well-being. U.S. Rep. Elijah Cummings, D-Md., the top Democrat on the House Oversight and Government Reform Committee, sent letters asking to see pay agreements from 13 companies. Cummings cited a 2010 Bloomberg article that showed executives at the 15 U.S. publicly traded colleges received compensation that exceeded traditional colleges and collected $2 billion from selling stock over the previous seven years.
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